But is there any accepted means of formally measuring a system and ensuring that some level of test quality exists?
Formally? No, this is basically impossible by Rice's Theorem. There is not even a guarantee that if you have 100% test coverage, the program is good (the tests could be flawed).
This is just a natural limitation of turing completeness. You can't decide these properties while also having full computational power. In order to decide such things, you need a less powerful mode of computation (something not turing complete) that can be analyzed more thoroughly and with more guarantees.